PART 2

Insurance companies carrying on long-term business
CHAPTER 1

Introductory

Meaning of “basic life assurance and general annuity business”

Meaning of “basic life assurance and general annuity business”
57
1
This section defines for the purposes of this Part what is meant by “basic life assurance and general annuity business”.
2
“Basic life assurance and general annuity business” means life assurance business other than—
a
pension business (which is defined for the purposes of this section by section 58),
b
child trust fund business (which is defined for the purposes of this section by section 59),
c
individual savings account business (which is defined for the purposes of this section by section 60),
d
business which consists of the effecting or carrying out of immediate needs annuities (within the meaning of section 725 of ITTOIA 2005),
e
re-insurance of life assurance business other than excluded business,
f
overseas life assurance business (which is defined for the purposes of this section by section 61), or
g
protection business (which is defined for the purposes of this section by section 62).
3
In subsection (2)(e) “excluded business” means business of any description excluded for the purposes of this section by regulations made by HMRC Commissioners.
S. 57 modified (31.12.2012) by The Friendly Societies (Modifications of the Tax Acts) Regulations 2012 (S.I. 2012/3008), regs. 1(1), 5, 6 (with regs. 1(2), 2)